The initial reason most people work with a 4 Pillars debt consultant is to find a way to manage a growing problem with debt. Depending on the specific financial and debt issues for the individual or couple, the Victoria debt consultant may suggest a range of solutions from a Consumer Proposal, bankruptcy, or a consolidation loan.
Getting Out of Debt
In some situations, and particularly with relatively small amounts of debt and a steady income, a 4 Pillars debt consultant may recommend different budgeting and money management practices, allowing the client to pay down the debt over time. This is one of the best reasons to get help early rather than allowing debt levels to increase over time.
Regardless of the option selected to address the current debt level, the services offered by a 4 Pillars debt consultant do not end when a plan is selected. Instead, the consultant can continue to work with the individual or couple, providing education, coaching, and support in developing more effective financial and budget management skills.
Reviewing Current Budgeting Practices
The education component of debt consulting allows the client and the consultant to work together to create a more effective and practical understanding of budgeting and money management.
This can start with reviewing and revising the budget for home spending and monthly bills, learning how to avoid unnecessary spending, and limiting the use of credit cards. These practices, in turn, can provide options for building up savings accounts, adding more to debt payments on a monthly basis, and learning how to save for purchases rather than using credit.
The debt consultants in Victoria work with their clients to rebuild the credit score. This is a critical consideration when debt has been an issue as a higher credit score means better interest rates and more financial opportunities in the future.
